Sovran Advisors LLC Acquires 716 Shares of Ameriprise Financial, Inc. (NYSE:AMP)

Sovran Advisors LLC grew its stake in shares of Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 14.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 5,607 shares of the financial services provider's stock after acquiring an additional 716 shares during the period. Sovran Advisors LLC's holdings in Ameriprise Financial were worth $2,605,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of AMP. Jones Financial Companies Lllp raised its stake in Ameriprise Financial by 24.3% during the 4th quarter. Jones Financial Companies Lllp now owns 1,674 shares of the financial services provider's stock valued at $891,000 after purchasing an additional 327 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Ameriprise Financial during the 4th quarter valued at $43,000. Exchange Traded Concepts LLC raised its stake in Ameriprise Financial by 488.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 971 shares of the financial services provider's stock valued at $470,000 after purchasing an additional 806 shares during the period. Fisher Asset Management LLC acquired a new stake in Ameriprise Financial during the 4th quarter valued at $214,000. Finally, GAMMA Investing LLC raised its stake in Ameriprise Financial by 1.9% during the 1st quarter. GAMMA Investing LLC now owns 4,367 shares of the financial services provider's stock valued at $2,114,000 after purchasing an additional 83 shares during the period. Institutional investors and hedge funds own 83.95% of the company's stock.

Ameriprise Financial Stock Up 0.6%

NYSE:AMP traded up $3.02 during trading hours on Friday, reaching $528.50. The company's stock had a trading volume of 654,277 shares, compared to its average volume of 495,995. The company has a market cap of $50.32 billion, a price-to-earnings ratio of 17.96, a price-to-earnings-growth ratio of 1.97 and a beta of 1.24. Ameriprise Financial, Inc. has a one year low of $385.74 and a one year high of $582.05. The business's 50-day moving average is $502.29 and its 200-day moving average is $511.32. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.60 and a quick ratio of 0.60.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $9.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $9.08 by $0.42. Ameriprise Financial had a net margin of 17.14% and a return on equity of 68.93%. The company had revenue of $4.35 billion during the quarter, compared to analysts' expectations of $4.45 billion. During the same period in the prior year, the company earned $8.39 earnings per share. The business's quarterly revenue was up 3.6% compared to the same quarter last year. Equities research analysts predict that Ameriprise Financial, Inc. will post 38.64 EPS for the current year.

Ameriprise Financial announced that its board has authorized a stock buyback plan on Thursday, April 24th that authorizes the company to repurchase $4.50 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Ameriprise Financial Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, May 19th. Investors of record on Monday, May 5th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 1.21%. The ex-dividend date of this dividend was Monday, May 5th. This is a boost from Ameriprise Financial's previous quarterly dividend of $1.48. Ameriprise Financial's dividend payout ratio (DPR) is presently 21.75%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Ameriprise Financial from $507.00 to $542.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 4th. Royal Bank Of Canada upped their price target on shares of Ameriprise Financial from $550.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Keefe, Bruyette & Woods upped their price target on shares of Ameriprise Financial from $510.00 to $520.00 and gave the stock a "market perform" rating in a research note on Wednesday, May 7th. Wall Street Zen raised shares of Ameriprise Financial from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Raymond James Financial raised shares of Ameriprise Financial from a "market perform" rating to a "strong-buy" rating and set a $518.00 price target on the stock in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $519.00.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc, together with its subsidiaries, provides various financial products and services to individual and institutional clients in the United States and internationally. It operates through four segments: Advice & Wealth Management, Asset Management, Retirement & Protection Solutions, and Corporate & Other.